Funded the establishment of Onli e-commerce, the implementation of the company's business transformation. The company announced that the subsidiary Onli Health products and the staff team intend to jointly invest 5 million to set up Shanghai Anli Electronic Commerce Co., Ltd., which is mainly engaged in the sales of food, health food and other products. Of this total, Onstand Health products contributed 3.25 million (65%), and the staff team contributed 1.75 million (35%). The company funded the establishment of Onli e-commerce and improved the online sales channels of the company's products, which is an important practice of the company in carrying out the transformation of the big health business. In the future, it will continue to promote the orderly implementation of the big health strategy and help the company take off.

Set up e-commerce companies to improve the construction of channels, the implementation of employee stock ownership to achieve interest binding. The company started with health products business, with more than 10 "Anli" series products, nearly 50 "natural yuan" series products, and new products such as "probiotic powder". At present, the product sales channel is still offline. In order to promote product sales, the company set up a wholly-owned subsidiary Anli International Trade (registered capital of 10 million yuan) in Shanghai Free Trade Zone in February 15, engaged in the import and export of health products, entrepot trade and other business.

The establishment of Onli e-commerce this time will have a positive impact on the company's product sales and long-term development, and help the company's product sales growth and the orderly implementation of the great healthy transformation: on the one hand, after the establishment of the e-commerce company, the construction of the online platform is expected to speed up. Help to broaden the company's health products online sales channels, promote the company's product sales growth On the other hand, Onli e-commerce is set up by the way of company + employee contribution, and the personal interests of employees are bound with the benefits of the company. On the basis of enhancing employees' loyalty and sense of responsibility, they can effectively mobilize their enthusiasm for work and ensure the orderly implementation of business transformation.

The strategic transformation is healthy, and the concept of school-enterprise reform continues to ferment. On June 25, the company hired Mr. GE Jianqiu as executive vice president to lead the transformation of the company's major health business. in the future, it will improve the company's product categories and sales channels and broaden the company's business scope: on the one hand, relying on the company's health product brand advantages, continue to promote product research and development and sales channel expansion, product categories may be extended to food additives and functional food and other fields in the future. The establishment of Onli e-commerce is rich in the company's existing sales channels. On the other hand, by directly connecting the upstream drug manufacturers (pharmaceutical factories) and downstream drug sellers (pharmacies), we can realize the de-agency of drug sales, shorten the length of the supply chain, win drug premium, and realize business expansion on the basis of the original health products business. support the company's long-term development. In addition, the introduction of the top-level design plan for the reform of state-owned enterprises will guide the market to begin to pay attention to the reform of local state-owned enterprises. as an important branch of the reform of state-owned enterprises, the assets of colleges and universities continue to expand and may exceed trillion yuan in the next few years. With the acceleration of the reform of state-owned enterprises, it is expected to be incorporated into the state-owned assets supervision system as soon as possible, and market-oriented management may be accelerated. As one of the two major listing platforms of Jiaotong University (the other is New Nanyang), the company is expected to continue to push forward in the school-enterprise reform, and may dock with the medical resources of Jiaotong University in the future to carry out business and capital cooperation.

Maintain earnings forecast and maintain buy-A rating. The company started with health products business, a wide range of products, set up import and export trading companies to improve the construction of product export system, seize foreign market share, set up e-commerce companies to promote online platform construction, enrich the domestic market product sales channels. On the basis of tamping the health products business, the company will promote the implementation of the large health strategy and open up the supply chain of large health products, which is expected to solve the pain points of pharmaceutical industry reform and achieve business upgrading. We estimate that the company's 15-17 EPS of 0.30,0.33,0.35 yuan, the current share price corresponding to PE is 72 times, 65 times, 61 times, maintaining the "buy-A" rating.

Risk hint: the progress of the establishment of the company is not as expected.